Pepperoni Pizza Queso

Pepperoni Pizza Queso

2 T vegetable oil
1 small yellow onion, diced
1 red bell pepper, diced
1 yellow bell pepper, diced
1 green bell pepper, diced
One 10-oz can diced tomatoes with green chiles
One 4.5-oz can chopped green chiles
8 oz Velveeta, cubed
4 oz cheddar cheese, shredded
4 oz mozzarella, shredded
4 oz fontina, shredded
2 oz Parmesan cheese, grated
Milk, as needed
1 t fresh oregano, torn `
1 small jalapeno pepper, diced
1 c sliced pepperoni, chopped
2 Roma tomatoes, small dice
2 T fresh basil leaves, torn
Tortilla chips or Doritos, for serving

Heat the oil in a saucepan over medium heat. Add the onion and peppers and cook, stirring, until softened, about 5 minutes. Add the canned tomatoes and green chiles and bring to a simmer. Reduce the heat and stir in the processed cheese until smooth. Remove the pan from the heat and stir in the Cheddar, mozzarella, fontina and Parmesan until melted. If it is too thick, add room temperature milk to thin it out; if milk is needed, add it slowly, stirring in between additions to make sure you achieve the desired consistency.
Stir in the oregano, most of the jalapeno (saving a pinch or two for garnish), 3/4 cup of the pepperoni and half of the tomatoes.
Transfer the queso to a serving dish. Garnish with the remaining pepperoni, jalapenos, and tomatoes, as well as the basil leaves. Serve with chips.